HSBC Advance MasterCard credit card reviews

The Advance MasterCard offered by HSBC is a reasonable solution for people who like to travel within Canada and abroad. Below are some of the card’s features which make its utilization particularly easy and safe and serve as the main reason why it is preferred by an ever-increasing number of customers.

The cardholder can take a cash advance of up to $2000 USD. This is quite a handy option as one often has to deal with unexpected expenses while on a business trip or holiday in another country.

– Extra-Safety Emergency Services

HSBC maintains an emergency hotline, which allows Advance MasterCard holders to contact a company representative at any part of the day. If a card is lost or stolen, the cardholder can make a report via the hotline, and the card will be cancelled immediately, thus preventing any fraudulent use or unauthorized cash withdrawal. The lost card will be replaced within 24 hours.

– Travel and Medical Insurance

As a primary cardholder, you automatically receive emergency travel medical insurance of up to $1,000 000 CAD, which also extends to your spouse and dependent children who travel with you. The insurance covers: emergency ambulance and hospital expenses, dental and medical charges, trip delay or cancellation compensation, and baggage loss or delay indemnification.

– Participation in a Rewards Program

Every cardholder is entitled to free-of-charge participation in one of HSBC’s two rewards programs: the HSBC Travel & Merchandise Rewards Program, which offers redeemable rewards points for flights, travel packages, and merchandise, and the HSBC Cash Back Rewards Program, which guarantees a 1.00 percent cash-back reimbursement on all eligible expenses for a particular calendar year. The rewards points can be used for products and services both in Canada and abroad.

HSBC charges Advance MasterCard holders with an annual interest rate of 17.9 percent on all card transactions. Interest on purchases and cash advances begins to be levied from the date on which the transaction is carried out until its full payment. Interest on convenience checks and balance transfers will be charged from the date they are posted to the card account. There is a grace period of 23 days, starting from the statement date, during which interest charges will be waived for all new purchases made by the HSBC customer.

Unlike other credit cards, the HSBC Advance MasterCard does not collect an annual service fee; however, small fees will be charged for every card transaction, currency conversion, and card replacement.

Alternative Options

If you are a frequent traveler, you might find the offers of American Express agreeable. Their American Express AIR MILES Platinum Card goes with an interest rate of 19.99 on funds advances and purchases, but the interest on missed payments is 25.99 and 21.99 percent. The annual fee is $50, and supplementary cards come at no added cost. Card holders earn 1 bonus mile for every $10 spent on purchases. Eligible applicants meet the following criteria: they are residents of Canada with a Canadian credit file, their personal annual income is at least $15,000, have reached the majority age in their province/ territory of residence, and have not declared bankruptcy over the last seven years.